Resumen of how to see how much I need to pay for Impôt and Taxes. Go below to check the information with more detail.
Más información aquí: https://www.revenuquebec.ca/en/citizens/self-employed-persons/your-obligations/
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1. You addition all your income (all invoices that you give to your clients). That will be your total income.
2. You have to pay Impôt to Québec (15%) and you have to pay Impôt to Canada -federal- (15%). You calculate this from your total income. That will be your Subtotal Impôt (30%).
3.- You addition all your taxes collected from your total income (from all the invoices you give to your clients)
4.- From your (1) total income, you subtract the (2) Subtotal Impôt and the Credit d'impôt (3,802.35) (check here)
The result pour capoter ta vie :P
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And the rest is part of the research I needed to do to kind of understand what I need to be aware to have always in my bank account at the end of the year to be able to pay to the government the 30% plus the taxes, for making money.
What is the minimum income to file taxes in 2019 in Canada?
Tax brackets and rates
Canadian federal personal income tax is calculated based on taxable income, then non-refundable tax credits are deducted to determine the net amount payable. For 2019, every taxpayer can earn taxable income of $12,069. This was increased by indexation to $12,298 for 2020. However, on December 9, 2019, the federal government presented legislative proposals that would provide an additional amount of BPA for 2020 and later years for the basic personal amount (BPA), spousal amount and eligible dependant amount. See the article on the basic personal amount for details. All legislative proposals are subject to parliamentary approval.
The basic personal tax credit is calculated by multiplying the tax rate for the lowest tax bracket by the basic personal amount. The 2019 tax credit is 15% x $12,069 = $1,810. For 2020 the tax credit for those with incomes up to $150,473 will be $13,229 x 15% = $1,984.35. This is $139.65 more than the tax credit before the legislative increases.
Provincial or territorial income taxes are paid in addition to the federal taxes, based on where the taxpayer resides on December 31 of the tax year. All provinces and territories except Quebec use the taxable income amount calculated for federal tax purposes, and then apply their own income tax rates. All provinces and territories have most of the same tax credits as the federal tax credits, but usually in different amounts. The provincial or territorial tax rate for the lowest tax bracket is used to calculate the tax amount of most of the provincial tax credit. Quebec is the only province which does not use their lowest tax bracket to calculate most personal tax credits.
To see the combined federal and provincial/territorial tax rates, see the tables of Personal Income Tax Rates. These tables also include the marginal tax rates for capital gains, and both types of Canadian dividends. The federal and provincial or territorial personal amount is also shown, and the rate used to calculate non-refundable tax credits.
To determine your taxes payable, use our Personal Income Tax Calculators.
See our Personal Income Tax page for links to tables of personal income tax rates and personal tax credits for all provinces and territories.
For links to the latest tax return forms on the Canada Agency (CRA) website, and information on filing your tax return, see our Filing Your Return page.
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How much money do you have to make to 'not to pay' taxes in canada?
EXTRA INFORMATION
Standard deduction amounts
In 2020 for example, single taxpayers and married taxpayers who file separate returns can claim a $12,400 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,800, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,650.
In 2020, you don't need to file a tax return if all of the following are true for you:
- Under age 65
- Single
- Don't have any special circumstances that require you to file (like self-employment income)
- Earn less than $12,400 (which is the 2020 standard deduction for a single taxpayer)
Students are not exempt from filing either. If your 20-year-old child is an entrepreneur who made over $3,500 (after expenses) running a small business last summer, they must file an income tax return even if they’re still in school. All working children should file a tax return as soon as they start earning income.
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STEP BY STEP (update 2021)
If I order the spends by category I have as follow. Helps me as a guide to get the Factures/Invoices that represents my spends.
MARKETING
PROMOTIONAL ITEMS
GOOGLE DRIVE
GO DADDY
JUSTHOST
EQUIPMENT - LOCATION
AMAZON.CA
BESTBUY
LOZEAU
TRANSPORTATION
UBER
COMMUNAUTO
PLANE TICKETS
STATIONNEMENT DE MTL
COMMUNICATION
INTERNET (E-BOX/FIZZ)
CELLPHONES (FIZZ)
NETFLIX
DISNEY+
DIRECT SPENDS
FIVERR
ENVATO
FREELANCERS / FOURNISSEUR DE SERVICES (MARIE-EVE)
OFFICE
HYDRO
Every spend have a % of deduction.
Question:
Direct Spends do we deduct the taxes? Or just the subtotal.
Assumption:
Meeting, repas, déplacement, Matériel, équipement, location c’est déductible à 100%
Internet c’est déductible à 75%
Hydro c’est déductible à ??%
Telephone c’est déductible à 95%
Step 1. Add all the TPS of each categories. (Same with TVQ)
Step 2. Calcul the deduction according to the percentage of each category.
Step 2.5 Addition all the columns of TPS and TVQ of the categories.
Step 3. Addition all the invoices I give to clients to create a 4 columns totals (Subtotal, TPS, TVQ, Total) in the category income.
Step 4. Addition all the direct spends to get the subtotal (before taxes).
Step 5. Rest to the Subtotal of Income, the Subtotal of Direct Spends to get Fournitures (chiffre d’affaires)
Step 6. Take out the taxes spend from the taxes charge (to the clients). From the total TPS and total TVQ (income category), subtract the total TPS and total TVQ from all the spends (2.5)
